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CURRENT Newsletter | March 3, 2023

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CUs, League 'Hike The Hill' in Support of Legislative Agenda

Virginia credit union advocates met with our congressional delegation this week on Capitol Hill, lobbying lawmakers on a host of issues, including interchange, CU board governance modernization, overdraft protection programs, service to underserved and marginalized communities, and data privacy/data security issues.

Related: CUs, League Host Sen. Mark Warner at Capitol Hill Reception
Related: CUs, League Meet with Rep. Griffith; Thank Him for Support of Recent CU Legislation
Related: League, CUs Wrap Up Successful First Days of GAC

Senators Introduce Bill to Update FCU Meeting Requirements

Sens. Kyrsten Sinema, I-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., introduced the CUNA-League led Credit Union Board Modernization Act (S.610) Wednesday. The bill would update the Federal Credit Union Act to allow federal credit union boards to meet six times per year (instead of the current once per month). Sen. Tim Kaine signed on as a co-sponsor of this legislation during the last session of Congress and we lobbied for his support of this new measure during our meeting with him this week in Washington. In a meeting with Sen. Mark Warner, we also asked for his support.

Trade Groups Seek More Time to Comment on CFPB's Proposed Credit Card Fee Cuts

“CFPB makes much of its claim to being a data-driven, evidence-based regulator, so the additional time to compile data and thoroughly analyze the impact of CFPB’s proposal is justified and would serve the agency’s own interests, as well,” said Virginia Credit Union League President/CEO Carrie Hunt. “Your League will comment on the proposal and we are eager to hear from member credit unions about how it could affect your members and your organization.”

Live from the GAC: Updates from Our Regulators

This week thousands of credit union staff, board members, leagues, vendors and more converged on Washington, DC for the annual CUNA Governmental Affairs Conference. It's a great opportunity to engage with our regulators and lawmakers and get a sense of what issues are of high priority for them. On the main stage on Monday, CFPB Director Rohit Chopra had a dialogue with CUNA's CEO Jim Nussle, followed by remarks from NCUA Chairman Todd Harper.

EPN Events Set for March 14 in Hampton, NoVA

Our Emerging Professionals Network groups in Greater Hampton Roads and NoVA are hosting events on March 14. The events are free to attend.

League Hosting March 15 Compliance Roundtable

League Chief Advocacy Officer JT Blau and League compliance hotline lead attorney Jay Spruill will cover compliance hot topics and the regulatory issues that need to be on your radar. This free, hour-long program starts at 10 a.m.

Register here

IGNITE Keynoter Stephanie Wade: Using Innovation to Improve the Member Experience

Member experience is everything, notes IGNITE Keynote Speaker Stephanie Wade. You’ve no doubt focused on optimizing your member experience, ensuring that every member touchpoint delivers an experience that adds value and builds loyalty. But optimization is table stakes these days. Join us at IGNITE 2023 as Stephanie discusses why credit unions that really want a competitive edge must be laser-focused on introducing innovation into the member experience to create those “wow” interactions with members that build the brand, drive growth and create member ambassadors willing to share their experiences.

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